Consumer Alert: Payments on Federal Student Loans Will Resume in October
In response to the COVID-19 emergency, the federal government paused student loan payments and set interest rates to 0% for eligible federal student loans. The national COVID-19 emergency ended on May 11, 2023, and Congress recently passed a law preventing further extensions of the payment pause. Student loan interest will resume starting on September 1, 2023, and borrowers will have to restart payments in October. The U.S. Department of Education will notify borrowers before payments restart. Loan servicers should also provide borrowers with billing statements or notices at least 21 days before their first payments are due.